Judge Close To Approving $5.8B Enron Deal

Law360 (February 22, 2006, 12:00 AM EST) -- In a deal that further swells record-setting payouts to aggrieved investors following Enron’s accounting scandal and bankruptcy, a federal judge in Houston is close to approving a $5.8 billion settlement from three investment banks accused of helping Enron hide massive financial losses.

The latest defendants to settle the charges are the Canadian Imperial Bank of Commerce, JP Morgan Chase & Co. and Citigroup Inc. Their offer pushes the total figure gleaned from Enron’s underwriters and auditors to $7.2 billion, but counsel warned the figure could be...